BMW AG on Wednesday reported a 133% rise in first-quarter operating profit, due to the absence of a one-off provision in the year-earlier period, but said the impact of the coronavirus could erode demand and profit.
Investors want to know what kind of economic hit General Motors Co expects from the coronavirus pandemic as it moves forward, whether it needs to raise further cash and when North American vehicle production will resume when it reports first-quarter results on Wednesday.
Yum China is betting that Chinese consumers will still choose to dine-in in the aftermath of the coronavirus crisis and plans to open more Pizza Hut and KFC outlets in China's smaller cities in the coming months, its chief executive said.
Virgin Money swung to a first-half loss after setting aside 237 million pounds ($294.7 million) to handle loans likely to turn sour as a result of the coronavirus crisis. The bank, which became the UK's sixth-largest lender following a merger with CYBG, reported a pre-tax loss of 4 million pounds for the six months ended March 31, compared to a 50 million pounds profit a year earlier.
Britain's Metro Bank reported a modest dip in lending in the first quarter and a 77 million pounds rise in total deposits to 14.6 billion pounds ($18.15 billion) as customers shrugged off lower fixed term deposit rates.
Egyptian billionaire Naguib Sawiris said he would buy airlines, going against fellow billionaire investor Warren Buffett, who announced that Berkshire Hathaway sold all airline stocks at the firm's annual meeting on Saturday.
BMW AG on Wednesday said the impact of the coronavirus will likely hurt demand and profit throughout the year, forcing the German automaker to lower its profit outlook for passenger cars following a slowdown in first-quarter deliveries.
The founder of activist investment company Amber Capital, which lost out this week in a bid to shake up the governance at French group Lagardere , said on Wednesday he had no plans to exit his stake in Lagardere and added that he could even raise it.
Asian shares extended gains on Wednesday, as investors saw China's yuan fixing offering a modest olive branch to Washington amid a resurgence in trade tensions, while oil ended its winning streak on oversupply fears and weak demand.
Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, on Wednesday apologised over controversial succession plans and said he will not hand over management rights to his children at the family-controlled conglomerate.
Global shares struggled on Wednesday as mixed earnings, doubts about the easing of coronavirus lockdowns and simmering U.S.-China tensions cast a pall over markets.
Samsung Group heir Jay Y. Lee, embroiled in a bribery scandal, on Wednesday made a rare apology over controversial succession plans and said he will not hand over management rights to his children at the family-controlled conglomerate.
A Royal Dutch Shell advertising campaign promising customers they can "drive carbon neutral" has been deemed acceptable under Britain's advertising rules following an investigation, regulators said on Wednesday.
Volkswagen said demand in China was rebounding, thanks to customers who want to switch from public transport to personal vehicles, but warned sales would not recover as quickly in other parts of the world.
BMW will put investments on hold as it seeks to conserve cash to counter a fall in demand caused by the spread of the coronavirus pandemic, Chief Financial Officer Nicolas Peter said on Wednesday.